Hotness UPI Is No Longer Free – Upto Rs 5 Per UPI Trans...

Hot Deal UPI Is No Longer Free – Upto Rs 5 Per UPI Transaction Will Be Charged From You

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UPI Is No Longer Free – Upto Rs 5 Per UPI Transaction Will Be Charged From You

The Unified Payments Interface, which made transactions and transfers of money so much easier for us, will now come at a cost. Soon, P2P and UPI funds transfers will be chargeable by some banks and it won’t take long for other banks to implement this rule.

UPI transactions were, up until now the only mode of transfers which were free of charge, but this sudden decision is sure to make a dent in the ease of the much-loved mode of online transactions.

These charges will be applicable from May 1, 2019.

Kotak Mahindra Levies Charges on Transactions

Kotak Mahindra Bank is the first one in line and has announced that charges will be applicable on UPI payments. After the first 30 transactions in a month, Kotak plans to levy a charge on each P2P and UPI transactions, and this includes the transfer of money using the bank account number and IFSC (Indian Financial System Code).

Rohit Rao, who is Kotak Mahindra Bank’s Chief Communication Officer said, “While we continue to offer the first 30 P2P UPI transactions per month at no cost, charges are being introduced only for all subsequent UPI P2P fund transfers, beyond the monthly 30 free transactions.”

Every transaction made through UPI, below or equal to the amount of Rs. 1000 will be charged with Rs. 2.50. If the amount of transaction is above Rs. 1000, each transaction will be charged Rs. 5. Additionally, an 18% GST charge will be levied as well.

Charges Applicable on Paytm, PhonePE and Google Pay

The above charges will be applicable across all the platforms which offer the option of UPI payment, including Paytm, PhonePe, Google Pay, BHIM and the rest. Paytm, Google Pay and PhonePe have been the platforms which clocked the highest number of UPI transactions, while BHIM has not been able to fight as hard. The number of Paytm’s transactions were as high as 221 million, Google Pay and PhonePe made it to 220 million transactions. BHIM, unfortunately, could clock only 14-18 million transactions only.

There are about 139 banks that offer UPI payment as an option for online transactions. All big names like ICICI, HDFC, and SBI are expected to go down the same way as Kotak Mahindra, as reported by sources within the banking industry.

UPI: Convenient Way Of Fund Transfers?

Rao also said that the bank is still encouraging people to opt for UPI payments. Apparently, most of Kotak’s customers carry out only 5-10 transactions through UPI. He also said, “This is intended to prevent abuse of the UPI system and will not impact genuine customers. Receiving money through UPI as well as all merchant transactions continue to be free.”

The NPCI, National Payments Corporation of India hasn’t commented on these new and unwanted changes on UPI transactions.

Will this bring down the usage of UPI transactions across the nation? Share your thoughts with us in the comments section!

39 Comments  |  
24 Dimers
Hamster
Entertainer
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It was long overdue. Govt was waiting for elections only. July 10 onwards it will be charged. Pehle demon karo fir bank mein apne khud ke paise jama karne ke paise looto o fir atm se nikaalne ke paise looto fir UPI ka jhunjhuna de do. Hope google pay doesn’t starts charging too to keep studies of Indian financial data alive. Fokut mein to google pay bhi nahi deta hai.

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marketdimer wrote:

It was long overdue. Govt was waiting for elections only. July 10 onwards it will be charged. Pehle demon karo fir bank mein apne khud ke paise jama karne ke paise looto o fir atm se nikaalne ke paise looto fir UPI ka jhunjhuna de do. Hope google pay doesn’t starts charging too to keep studies of Indian financial data alive. Fokut mein to google pay bhi nahi deta hai.

Long story cut to short! 👍

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marketdimer wrote:

It was long overdue. Govt was waiting for elections only. July 10 onwards it will be charged. Pehle demon karo fir bank mein apne khud ke paise jama karne ke paise looto o fir atm se nikaalne ke paise looto fir UPI ka jhunjhuna de do. Hope google pay doesn’t starts charging too to keep studies of Indian financial data alive. Fokut mein to google pay bhi nahi deta hai.

aur hmare sare paise nirav, mallya ko do
fir bhi chain na pade to
gareebo ko free me bina kaam ke bant do

every party wants to loot only
its like either you eat or else we will eat you

Sd1
Deal Cadet
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Good Move. Now Lets See How Will Paytm Gain Top Place In No.Of Txns laughing

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Don’t know why but it feels like blessings in disguise. grimacing Not many will understand the same.

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deb3l wrote:

Don’t know why but it feels like blessings in disguise. grimacing Not many will understand the same.

Don’t think so bro, you just can’t ask for Digital India & UPI charges at the same time.
As this move will decrease the users, its like going back to where they started

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htzaz wrote:

Don’t think so bro, you just can’t ask for Digital India & UPI charges at the same time.
As this move will decrease the users, its like going back to where they started

& don’t know why they need to do so when NPCI itself has reduced UPI charge to 10p per transaction for transaction amount below 10k, & 50p above it.
So, 30 free transaction which would cost them 3rs, & on 31st transaction itself they will charge 2.5rs.

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Am I the only one who doesn’t care about this change because I haven’t created any UPI id so far? rolleyes

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Deal Subedar
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Roushh wrote:

Am I the only one who doesn’t care about this change because I haven’t created any UPI id so far? rolleyes

Take benefits from upi cashbacks before upi takes benefits from you. wink

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Roushh wrote:

Am I the only one who doesn’t care about this change because I haven’t created any UPI id so far? rolleyes

Sharif Bachcha… wink toungueout

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Roushh wrote:

Am I the only one who doesn’t care about this change because I haven’t created any UPI id so far? rolleyes

Yes! You are the only one🐒

Zsjpjnd
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htzaz wrote:

Don’t think so bro, you just can’t ask for Digital India & UPI charges at the same time.
As this move will decrease the users, its like going back to where they started

I m already thinking of deactivating G-Pay

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161508 wrote:

I m already thinking of deactivating G-Pay

Always gives blnt expressionless

Redhat
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Hmm… 30 free txns. I do around 5 – 6 UPI txns every month through phonepe mainly and UBI bank is charging Rs. 3 per txn but at the same time paytm charges zero – linked with SBI.

TBH 30 free txn is more than enough at-least for me.

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htzaz wrote:

Don’t think so bro, you just can’t ask for Digital India & UPI charges at the same time.
As this move will decrease the users, its like going back to where they started

I knew many will take it in that way and my thoughts are nowhere near to them.. lol. It’s completely illogical to carry upi charges and digital India in the same track. You have to think harder to get what I meant. wink

FYI, digitization was already there before upi and wallets, and those who think it’s after 2014 or so, they should understand it’s the weird version of banking that came in various shapes (gawd knows why) which may come as scams in future. 

To me Digital India is mere advertising like the other existing schemes and the benefits are limited too, coz India is still not ready (maybe won’t be ready for another 10 yrs or so) for proper digitization. Hasty implementation results in indigestion and loose motion only, that we all are experiencing now.

Baaki aap samajhdaar lagte ho..

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Roushh wrote:

Am I the only one who doesn’t care about this change because I haven’t created any UPI id so far? rolleyes

Count me in too.. stuck_out_tongue

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Deal Lieutenant
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deb3l wrote:

I knew many will take it in that way and my thoughts are nowhere near to them.. lol. It’s completely illogical to carry upi charges and digital India in the same track. You have to think harder to get what I meant. wink

FYI, digitization was already there before upi and wallets, and those who think it’s after 2014 or so, they should understand it’s the weird version of banking that came in various shapes (gawd knows why) which may come as scams in future. 

To me Digital India is mere advertising like the other existing schemes and the benefits are limited too, coz India is still not ready (maybe won’t be ready for another 10 yrs or so) for proper digitization. Hasty implementation results in indigestion and loose motion only, that we all are experiencing now.

Baaki aap samajhdaar lagte ho..

Exactly. Digital India campaign is nothing but marketing or some might say it was invented after govt failed of justify the “bring back black money” campaign during demonetization.

Before UPI, I was using digital wallets (mostly Paytm) for smaller transactions and for larger amount I always used IMPS and NEFT. These are still working just fine, so there was no need for me to signup for something that I am not going to use. Simply, I couldn’t find UPI more useful than IMPS/NEFT.

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Deal Lieutenant
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Chill, no bank will charge for UPI except Kotak bank

Kotak Bank har chiz me charge leta he,

Kotak bank debit card Rs300 charges

Kotak net banking PIN generate Rs100 charges

aur bhi bohot se charges ha kotak bank me

Uday Kotak ko bas paise se matlab he, ek thora sa bhi kahi bhi losses Uday Kotak ko bardast nhi hota he

uppar se kotak bank ek unique bank ha jo 6 digital ka ATM PIN & UPI PIN deta ha, just because koi fraud na ho jaye, toh bank ko paise na dena pare, jo sahi baat bhi ha dusri aur se dekha jaye toh

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topgear wrote:

Hmm… 30 free txns. I do around 5 – 6 UPI txns every month through phonepe mainly and UBI bank is charging Rs. 3 per txn but at the same time paytm charges zero – linked with SBI.

TBH 30 free txn is more than enough at-least for me.

yes, Kotak bank said 95% of kotak bank customer do an average of 5-10 UPI transfer.

and merchant UPI transaction is FREE.

Merchant UPI transaction means all shopping, recharge, bill payments, credit card payment, wallet load, ola, uber, movies, zomato, swiggy etc

Redhat
Tech Guru
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Kotak is very generous with their UPI offer but at the same time United Bank of India is charging Rs, 3 to 6 per UPI txn.

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Deal Cadet
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When there are less number of transactions. Cashback value might increase stuck_out_tongue

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Deal Subedar
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abhishek012 wrote:

Chill, no bank will charge for UPI except Kotak bank

Kotak Bank har chiz me charge leta he,

Kotak bank debit card Rs300 charges

Kotak net banking PIN generate Rs100 charges

aur bhi bohot se charges ha kotak bank me

Uday Kotak ko bas paise se matlab he, ek thora sa bhi kahi bhi losses Uday Kotak ko bardast nhi hota he

uppar se kotak bank ek unique bank ha jo 6 digital ka ATM PIN & UPI PIN deta ha, just because koi fraud na ho jaye, toh bank ko paise na dena pare, jo sahi baat bhi ha dusri aur se dekha jaye toh

Even SBI has 6 digit upi pin rolleyes

Hamster
Entertainer
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M.MAHI wrote:

Even SBI has 6 digit upi pin rolleyes

mere saare upi ac ke pin 6 digit wale hain. 😊

Hamster
Entertainer
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topgear wrote:

Kotak is very generous with their UPI offer but at the same time United Bank of India is charging Rs, 3 to 6 per UPI txn.

Are you sure tech guru ji because UPI is still free by ALL banks.

Even NPCI claims that UBI charges NIL (but ofcourse)

https://www.npci.org.in/united-bank...ia
surprised

Hamster
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marketdimer wrote:

Are you sure tech guru ji because UPI is still free by ALL banks.

Even NPCI claims that UBI charges NIL (but ofcourse)

https://www.npci.org.in/united-bank...ia
surprised

Looks like people using paytm or phonepe are charged, rightly so. look at this tweet

https://twitter.com/ANIKETKUMARDWI3/status/1095...

bande ne a/c sirf upi tranx ke liye khulwaya hai shayad. biggrin

Del
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Roushh wrote:

Exactly. Digital India campaign is nothing but marketing or some might say it was invented after govt failed of justify the “bring back black money” campaign during demonetization.

Before UPI, I was using digital wallets (mostly Paytm) for smaller transactions and for larger amount I always used IMPS and NEFT. These are still working just fine, so there was no need for me to signup for something that I am not going to use. Simply, I couldn’t find UPI more useful than IMPS/NEFT.

Such blanket statements only reek of elitism. Rural / Semi-Urban areas, who have account with public banks, do not have net banking, even SBI charges for NEFT.

I hardly spend anything in cash, I use paytm for buying fruits, street food, travel, this is a substantial amount every month which I use credit card via paytm. Digital India is not simply a marketing jargon, such level of electronic payments did not exist pre-demonetisation.

Rupay logo2
Deal Lieutenant
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Roushh wrote:

Exactly. Digital India campaign is nothing but marketing or some might say it was invented after govt failed of justify the “bring back black money” campaign during demonetization.

Before UPI, I was using digital wallets (mostly Paytm) for smaller transactions and for larger amount I always used IMPS and NEFT. These are still working just fine, so there was no need for me to signup for something that I am not going to use. Simply, I couldn’t find UPI more useful than IMPS/NEFT.

you can’t pay any local & online merchant payment through IMPS/NEFT.

in future wallets also integrate UPI payment mode & stopped wallet payments mode.

because wallet payment charges is higher compare to wallet UPI.

within few years, you will pay your paytm wallet balance through UPI

also International UPI transaction work instantly.

in future all International websites integrate UPI payment mode
also foreign banks integrate UPI.
you can send money to any American, Singapore etc foreign banks instantly through UPI

15359988
Tech Guru
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Did anyone notice that paytm rupay debt card will charge you rs20 for your 3rd cash withdrawal? Just like many other so called 0 balance accounts.

Missing